Before October 1, 2006, the mutual funds pay 10% tax from their portfolio gains. So both domestic and foreign investors are excluded from the scope of declaration and taxation.

Starting from October 1, 2006, domestic investors will pay 10% tax on the gains from mutual fund investments. The tax ratio is 0% for foreginers. Both are excluded form the scope of declaration.

Also, Investors, who holds Type-A fund participation certificates constantly investing at least 51% of their portfolio value in Turkish equities longer than 1 year, are exempt from taxation.